Daldrup & Söhne (4DS) H2 2025 earnings summary

Executive summary

• EBIT increased by 25.8% to €8.7 million, with an EBIT margin of 17.1%, exceeding forecasts.

• Net income rose 211.5% year-over-year to €7.7 million, and EPS improved to €1.29 from €0.42.

• Total operating output was €51.1 million, slightly below forecast due to project postponement.

• Order backlog reached €128 million at year-end, up from €31 million, ensuring high capacity utilization.

• Regulatory changes and new financing instruments in Germany significantly boosted geothermal demand.

Financial highlights

• EBITDA rose 24.8% to €10.6 million; gross profit margin increased to 62.0%.

• Operating cash flow was €10.7 million, while free cash flow declined to €5.2 million.

• Equity ratio remained strong at 65.3%, despite a slight decrease from the prior year.

• Total assets increased by 35.9% to €46.5 million.

• Market capitalization more than doubled to €115.3 million by year-end.

Outlook and guidance

• Management forecasts 2026 total output of around €58 million and EBIT margin between 11.5% and 13.5%.

• Order backlog and market volume support full capacity utilization into 2027.

• Regulatory improvements and funding programs are expected to drive further growth in geothermal and infrastructure segments.